Macro Briefing: 30 April 2025

US job openings fell in March to the lowest level since September. Openings are still above the pre-pandemic level, but the latest slide extends a decline that’s been unfolding since peaking in March 2022.

Trump eased car tariffs. The change will allow companies with US factories to reduce the amount they pay in import taxes on foreign parts.

US uome prices rose at a subdued pace in March vs. recent history. The S&P CoreLogic Case-Shiller 20-city home-price index rose 4.5% in February compared with a year ago. On an inflation-adjusted basis, price fell 0.5% from the year-earlier level.

China’s factory activity contracted in April at its fastest pace in 16 months, according to the government’s PMI survey data. US tariffs are a likely cause for the decline in the manufacturing sector. “Sharp changes in the external environment and other factors” played a role, said a senior statistician at the National Bureau of Statistics.

The euro zone economy grew by a stronger-than-expected 0.4% in the first quarter. Despite the upbeat report, “we still expect growth to slow sharply in the next six months as the US tariffs introduced in April will hit activity,” said Franziska Palmas, senior Europe economist at Capital Economics.

US consumer confidence plunged again in April, according to polling by the Conference Board. “Consumer confidence declined for a fifth consecutive month in April, falling to levels not seen since the onset of the COVID pandemic,” said Stephanie Guichard, senior economist, global indicators, at The Conference Board. “The decline was largely driven by consumers’ expectations.”